The orthopedic trauma fixation market is expected to grow over the next five years, according to a new Persistence Market Research report in MedGadget.
Here are 10 key notes:
1. The market was $5.7 billion in 2013 and expected to reach $9.4 billion by 2020.
2. The market is expected to grow at a 7.2 percent compound annual growth rate over the next five years.
3. The factors driving the market's growth include:
• Increased number of people participating in sports
• More people entering older age
• The government and multinational companies are increasing industry investments
• Higher demand for better facilities in trauma surgeries
4. Double surgery and the absence of health insurance in developing countries could negatively impact growth. The high cost of surgery and less awareness of procedures are also issues.
5. The larges market for orthopedic trauma fixation is North America. Asia is witnessing the fastest growth in the market; other fast-growing countries include China, Japan, India and the Eastern Mediterranean.
6. The internal fixator has the largest market share in orthopedic trauma fixation devices. The market is expected to grow at a CAGR of 6.8 percent through 2020.
7. The plate and screw systems usually use internal fixators for a traumatized fracture. The plate and screw system market is expected to grow at a CAGR of around 7.1 percent through 2020.
8. The bioabsorbable fixation devices segment is a rising star as companies move to increase investment. The bioabsorbable fixation devices market is expected to grow at a CAGR of around 8.4 percent over the next five years.
9. The leading player in the market is Johnson & Johnson with around 47.3 percent of the market in 2013.
10. The other leading players in the orthopedic trauma fixation devices market are Stryker, Zimmer Biomet, Smith & Nephew and Orthofix, among others.